Cardinal Point Capital Management ULC Acquires New Position in Carrier Global Corporation $CARR

Key Points

• Cardinal Point Capital Management ULC acquired a new stake in Carrier Global Corporation, purchasing 6,560 shares valued at approximately $480,000 in Q2 2023.
• Research analysts have mixed views on Carrier Global, with Goldman Sachs reducing their price target from $88.00 to $76.00 while maintaining a "buy" rating, and a consensus target price around $75.67.
• Carrier Global recently announced a quarterly dividend of $0.225, which will be paid to shareholders on November 18th, representing an annualized yield of 1.6%.

Cardinal Point Capital Management ULC acquired a new stake in Carrier Global Corporation (NYSE:CARR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,560 shares of the company's stock, valued at approximately $480,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Carnegie Investment Counsel lifted its position in Carrier Global by 18.3% in the second quarter. Carnegie Investment Counsel now owns 5,807 shares of the company's stock valued at $425,000 after purchasing an additional 900 shares during the period. FSM Wealth Advisors LLC lifted its position in Carrier Global by 40.6% in the second quarter. FSM Wealth Advisors LLC now owns 10,285 shares of the company's stock valued at $768,000 after purchasing an additional 2,972 shares during the period. Bleakley Financial Group LLC lifted its position in Carrier Global by 4.7% in the second quarter. Bleakley Financial Group LLC now owns 56,320 shares of the company's stock valued at $4,122,000 after purchasing an additional 2,526 shares during the period. Freedom Investment Management Inc. acquired a new stake in Carrier Global in the second quarter valued at about $264,000. Finally, Forum Financial Management LP lifted its position in shares of Carrier Global by 6.5% during the 2nd quarter. Forum Financial Management LP now owns 9,166 shares of the company's stock valued at $671,000 after acquiring an additional 561 shares during the period. Institutional investors and hedge funds own 91.00% of the company's stock.

Wall Street Analysts Forecast Growth

CARR has been the subject of a number of research reports. The Goldman Sachs Group reduced their price target on shares of Carrier Global from $88.00 to $76.00 and set a "buy" rating for the company in a research report on Friday, September 12th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Carrier Global in a research report on Friday. Barclays reduced their price target on shares of Carrier Global from $82.00 to $74.00 and set an "overweight" rating for the company in a research report on Thursday, September 11th. Melius Research upgraded shares of Carrier Global to a "hold" rating and set a $90.00 price target for the company in a research report on Tuesday, July 1st. Finally, Wolfe Research reduced their price target on shares of Carrier Global from $77.00 to $76.00 and set an "outperform" rating for the company in a research report on Wednesday, October 8th. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $75.67.

Carrier Global Trading Up 1.4%

Shares of Carrier Global stock opened at $57.92 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.17 and a quick ratio of 0.80. Carrier Global Corporation has a 1 year low of $54.22 and a 1 year high of $81.09. The company has a market capitalization of $49.29 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.88 and a beta of 1.25. The business has a 50 day moving average price of $61.29 and a 200 day moving average price of $66.89.

Carrier Global (NYSE:CARR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.02. The firm had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.08 billion. Carrier Global had a return on equity of 17.83% and a net margin of 18.33%. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. Sell-side analysts anticipate that Carrier Global Corporation will post 2.99 EPS for the current fiscal year.

Carrier Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 18th. Shareholders of record on Wednesday, October 29th will be paid a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, October 29th. Carrier Global's payout ratio is presently 19.61%.

About Carrier Global

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.

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